Charles Schwab on What Young Entrepreneurs Need to Succeed

by Graham Winfrey

Wall Street innovator Charles Schwab has learned many lessons during his storied career in finance, but his advice to young entrepreneurs on how to start a successful business is remarkably simple.

“I use the word ‘passion’ a lot when I talk to young people,” Schwab said at a recentroundtable hosted by Inc. “In every pursuit I’ve been on I’ve had a lot of passion behind it. It continues to motivate me every day on what I like to do and where I’m going.”

In other words, real success comes not from chasing a business idea purely for financial reasons, but because your heart is really in the idea itself.

For young entrepreneurs, however, developing a passion for a particular field can involve a significant amount of research and work, according to Schwab.

“Basically, it’s education,” he said. “Educate yourself about the subject matter. Know everything possible about what that might be.”

While the task of trying to find your entrepreneurial calling can be daunting, at the end of the day, Schwab advises following your gut instincts.

“You’ve got to take the road you need to take, and only you can make that calculation. It’s not your dad [and] not your friend,” he says. “And I think you can’t ever be resistant to take that road. You’ve got to take it.”

To hear more about the role of passion in entrepreneurship, watch the video on Inc.Com

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s